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... Clobbered me every which way... l got diluted on, then consolidated.. l needed £12.50 just to break even... l had to move on, and accept defeat... PI totally hammered by URU...
Me £13 to break even,must be seven years now,read all the posts,good luck to us all,
Or £45 4.5p, problem is with little increases it will just be sold into ATB
It’s about time we hit £5 isn’t it (0.50p) :-)
Can only buy 15 shares again
Looks like another rise on the cards
So we have the possibility of news this month / this week on the mining license, dare I mention the 18th October been the possible cutoff !?
Not only that according to MRS RNS dtd 16/09 we should have some news on the second creditors meeting which should have taken place between the dates of 7th -14th October ?
“If the re-financing is successful, the Board will then seek to agree a Deed of Company Arrangement under Australian law with the Voluntary Administrator, by which control of the Subsidiaries would be returned to the Company following a vote at a second creditors meeting which typically takes place in the next 3-4 weeks.”
just been turned up on this one?. Thanks guys for all your endeavours on behalf of the better common good. Glad i looked in now. ATB. :o).
Punch through 350 this week and on to 1500 as next major resistance.
Thanks Y000 that’s interesting so it confirms a few things, they are still an investor hopefully a 8.48% BEE partnership so that ties in to my question who is going to make the rest up ?
Indeed very interesting times ahead. Thanks again ! ATB
If they exchanged the licence for Uru shares, they had a very good reason....IMHO
In regards to the BEE partnership
New rights: applicants for new mining rights must have a minimum of 30 per cent BEE shareholding comprising: a minimum of 5% non-transferable carried interest to each of Qualifying Employees and Host Communities, and a 20 per cent effective ownership to BEE entrepreneurs (5% of which must preferably be owned by women). The “carried interest” is essentially a free carried interest but arguably permits notional vendor financing without any form of security”
As far as we know we have 8.48% BEE partnership who is going to make up the remaining 21.52% as per the MSA report ?
You would have would have thought to obtain the mining license the BEE structure has to be in place ? This was one of the major changes with the new Mining. Charter as it went from 26% ownership to 30% !
It could be either Anto imo I cannot see how we can raise circa of $1m for the mining licence other than introducing a partner or an outright sale ? It looks either way Umbono will be playing a part in it somewhere? Other wise why have we stipulated the terms for them being involved going back to April 2017 if they are still not applicable?
I read it that Umbono were employed for that very reason regarding our future development?
“services including project management, coordination of mining rights application, mineral rights management, finance and accounting, technical, metallurgical, engineering and geological services and corporate finance and capital raising”
Email exchange with Umbono....
"Uitloop is a promising Ni project which could present an attractive opportunity to bigger players for either a JV earn in or an outright acquisition."
Umbono used to be (holders of the license) but we exchanged the license for shares in URU and are now investors like you.
We also have a small Black Economic empowerment share in the company that owns the right And URU does retain our geo team to manage the technical programme but that’s as far as our role extends.
Interesting times ahead.
...going back to the 12000 (12 mil. pre consolidation) shares that you mentioned previously, as stated in this old RNS (https://www.investegate.co.uk/uru-metals-limited/rns/end-of-arbitration-at-zebediela-nickel-project/201312110700102213V/):
"...Should URU sell its interest in the Zebediela Nickel Project, or if URU converts the current Prospecting Rights to Mineral Licences, Umnex will be entitled to receive an additional 12 million shares of URU."
Conidering that the mining rights are getting sorted and we haven't heard anything about any potential capital rises for the future mining committments, Is it ok to assume:
1) or the new mining rights will get sold;
2) or because of the DMR financial plans requirements, a jv partner should, at this point, be already in place?
Just staying on Umbono according to the report by MSA back in 2014 they state the following.
“Ultimately, if all activities occur as scheduled, URU will apply to convert its exploration licences to mining licences early in 2017. With that in hand, the development timeframe required to move into production is expected to
be about 24 months. Whilst Umbono Capital as an URU shareholder provides significant BEE credentials and technical support to the project, URU would like to see the project’s BEE ownership extended even further. That said, URU is on the hunt for suitable partners and recognises the importance of fulfilling this South African regulatory requirement at a grass roots broad-based community level as well as through the empowerment of new entrepreneurs. “
I do believe if the world base Metals prices hadn’t had declined like they did we would have stuck to those dates which I have said previously but I think this article is possible more relevant now considering the next stages especially raising finance etc ? MSA are still our “ competent Person.” according to our website
So if we are still thinking of extending our BEE partnership even further I wonder who that could be and when ?
Supposed to say:
...can't see the funds...
1) We know that the DMR wouldn't issue a mining License if it can't the Funds for the future development.
2) We know that as per the Umbono website, we are part of their portfolio.
3) We know that we owe Umbono 12000 share.
....I wonder is that the reason why the shop is still open?.....
I think its possible yeah Anto, as they wouldnt want to be buying them past the floor price.
Thanks King and Ofd.
Are we thinking here that Uru has been buying Own shares on the market (12000) to give them to Umbono as per agreement?
Wouldn't be easier to issue those shares?
Sorry I didn’t include this part which relates but the share allocation
Additionally, conditional consideration of 12,000,000 free-trading shares is payable if either 1) a transaction is consummated by URU Metals to sell, farm-out, or similarly dispose of any portion of a mineral project on some or all of the mining titles, or 2) a mining right is obtained from the South African Department of Mines and Resources in respect of some or all of the rights, or 3) an effective change of control of URU Metals occurs.
Let’s just hope that figure is pre consolidation:)
12000* I meant, and trying to suggest is this someone buying them for the 12000 which need to be paid back
King yup all in their power to make it work and get a return
Just over 1200 bought in the last 10 days
So it must confirm Umnex Minerals Holdings (UMH) shares must be hiding within the top three institutes as they own 8.48%
Don’t forget there’s incentives for Umbono for not only raising capital but also obtaining a mining licence !?
On 19 April 2017, the Company entered into a Corporate and Management Services Agreement (the "Agreement") with UMH. As per the Agreement, UMH shall provide to UML services including project management, coordination of mining rights application, mineral rights management, finance and accounting, technical, metallurgical, engineering and geological services and corporate finance and capital raising. In exchange of the services, UMH will earning the following fees:
1. Once the Bankable Feasibility Study commences a monthly retainer of ZAR150,000 until then a monthly retainer of ZAR75,000 will be paid;
2. First right of offer for technical, metallurgical, engineering and geological services at market related pricing;
3. Capital raising and corporate finance fees of 5% of the transaction value of capital raised through UMH
4. UMH will be issued a 1.5% royalty on all revenue generated from the Zebediela project. 1% of the royalty
can be purchased back by URU or its successor for the amount of $2 million provided that URU exercises
this right within 24 months of the Mining Right being issued by the Department of Mineral Resources of South Africa.
So basically we have to pay UMH 12000 shares upon the mining license been approved within 24 months along with 5% on capital raised !
OFD as King stated, it's the first time we got mentioned:
Must be time to start behave like a proper INVESTOR....and not like a Hedge Fund....